The Executive Secretary of the Importers and Exporters Association of Ghana, Sampson Asaki Awingobit has warned government not to introduce any new taxes in its mid-year budget review.
His comment comes after Ghana received an amount of $600 million from the International Monetary Fund (IMF) being part of the $3 million three-year extended credit facility.
Speaking to Ahotor news, Sampson Asaki Awingobit says they would resist any attempt by the government to introduce new taxes to the detriment of their business.
Ghana’s much-anticipated request for a $3 billion bailout from the International Monetary Fund (IMF) has been approved, per Bloomberg. This signals a positive outlook for the nation’s economy amidst its debt-induced crisis. Investors had been eagerly awaiting this news over the past six months, leading to a surge in confidence and making Ghana’s cedi the world’s top-performing currency against the US dollar.
As of today, the currency reportedly traded 1.7% stronger at 10.8625 per dollar in Accra, Ghana’s capital. Additionally, Ghana’s Eurobond maturing in 2032 experienced a boost, rising 0.5 cents to 40.2 cents on the dollar.
The approved funding will serve to replenish Ghana’s foreign-exchange reserves, which have seen a significant decline of nearly 50% since their peak in August 2021 due to the central bank’s efforts to defend the cedi.
Asaki Awingobit said, since the IMF money is in, government should not attempt to introduce new taxes, because they will resist any attempt.
Very government will read the mid-year budget review,
Mr. Awingobit further advise the government to desist from introducing any new taxes, because any new taxes will have dire consequences on businesses,
Story by: Osei Akoto (Teacher Kojo) / Ahotoronline.com
